Mizuho posts 18% Q1 earnings increase, bolstered by Japan’s end to deflation

Japan’s third-largest lender by assets, Mizuho Financial Group (8411.T), opens new tab, reported an 18% growth in first-quarter profit on Wednesday as the long-awaited end of negative interest rates lifted profit margins on lending.

For the April-June quarter, Mizuho reported group net profit of 289 billion yen ($1.9 billion), compared with 245 billion yen in the same period a year earlier.

Mizuho is the first of Japan’s three “megabanks” to report earnings, to be followed by Mitsubishi UFJ Financial Group (8306.T), opens new tab on Thursday and Sumitomo Mitsui Financial Group (8316.T), opens new tab on Friday.

Source: REUTER